| [August 07, 2015] |
 |
Cablevision Systems Corporation Reports Second Quarter 2015 Results
Cablevision Systems Corporation (NYSE:CVC) today reported financial
results for the second quarter ended June 30, 2015.
Second quarter consolidated net revenues increased 1.6% to
$1.653 billion, consolidated adjusted operating cash flow ("AOCF")1
decreased 2.7% to $474.3 million and consolidated operating income
decreased 4.5% to $244.5 million, all compared with the prior year
period.
Operating highlights for the second quarter include:
-
Improved subscriber performance with largest quarterly gains in both
customer relationships and high-speed data, in more than two years.
-
Average Monthly Cable Revenue per Customer ("RPC") of $158.52, an
increase of $5.80 or 3.8%, compared with the prior year period.
-
Year to date Consolidated Free Cash Flow from Continuing Operations1
of $207.3 million.
Cablevision CEO James L. Dolan said, "Cablevision continued to perform
well in the second quarter, achieving growth in net revenue and revenue
per customer. Over the past three years, we have transformed our company
through strategic investments that have made our operations more
efficient, increased the reliability and performance of our network, and
enhanced our products and the customer experience. This has contributed
to our largest quarterly gains in both customer relationships and
high-speed data customers in more than two years. We will continue to
focus on providing superior service and innovative products that will
resonate with consumers."
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1.
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See definition of AOCF and Consolidated Free Cash Flow from
Continuing Operations included in the discussion of non-GAAP
financial measures on page 3 of this earnings release.
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Cable
Cable includes our Optimum-branded digital cable television, high-speed
Internet and voice services as well as Optimum WiFi, the nation's most
robust WiFi network.
Cable net revenues for the second quarter 2015 increased 1.8% to
$1.481 billion, AOCF decreased 3.4% to $462.7 million and operating
income decreased 4.4% to $268.6 million, all compared with the prior
year period. Second quarter net revenue growth primarily reflects rate
initiatives and continued disciplined pricing strategies, partially
offset by fewer customers and lower advertising revenue. Second quarter
AOCF reflects higher programming, legal fees, product development and
marketing costs, partially offset by the increase in revenue and lower
customer service-related costs, as compared to the prior year period.
The following table illustrates the change in the Cable customer base
during the second quarter of 2015:
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Customer Data
|
|
(rounded to nearest thousand)
|
|
|
|
|
|
|
|
|
|
|
|
Total
March 31, 2015
|
|
Net Gain/(Loss)
|
|
Total
June 30, 2015
|
|
|
|
|
|
|
|
|
|
Total Customers(a)
|
|
3,112
|
|
5
|
|
3,117
|
|
|
|
|
|
|
|
|
|
Video
|
|
2,653
|
|
(16)
|
|
2,637
|
|
High-Speed Data
|
|
2,767
|
|
14
|
|
2,781
|
|
Voice
|
|
2,215
|
|
(7)
|
|
2,208
|
|
|
|
|
|
|
|
|
|
Serviceable Passings
|
|
5,055
|
|
12
|
|
5,067
|
|
(a)
|
|
Total customers are defined as the number of households/businesses
that receive at least one of the Company's services.
|
|
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|
|
Lightpath
Lightpath is a premier provider of integrated business communications
solutions to large and mid-sized commercial organizations across the New
York metropolitan area.
For the second quarter 2015, Lightpath net revenues increased 3.4% to
$91.0 million, AOCF increased 11.5% to $43.8 million and operating
income increased 19.5% to $20.3 million, each as compared with the prior
year period. Second quarter results primarily reflect an increase in
revenue from Ethernet services.
Other
Other principally consists of Newsday, News 12 Networks, Cablevision
Media Sales Corporation and certain other businesses and unallocated
corporate costs.
Second quarter net revenues decreased 3.7% to $91.3 million, AOCF
deficit increased 4.3% to $32.1 million and operating loss increased
6.0% to $44.5 million, all compared with the prior year period. Second
quarter net revenue decline primarily reflects lower advertising revenue
at Newsday, partially offset by increased advertising revenue at News 12
Networks. Second quarter AOCF reflects lower revenue and higher
corporate costs, partially offset by a decrease in expenses at Newsday
due to lower operating costs.
Other Matters
On August 6, 2015, the Board of Directors of Cablevision declared a
quarterly dividend of $0.15 per share on each outstanding share of
Cablevision NY Group Class A Common Stock and Cablevision NY Group Class
B Common Stock. This quarterly dividend is payable on September 10, 2015
to shareholders of record at the close of business on August 21, 2015.
There were no stock repurchases during the second quarter of 2015. As of
June 30, 2015, Cablevision had approximately $455 million available
under its stock repurchase authorization.
Non-GAAP Financial Measures
We define adjusted operating cash flow ("AOCF"), which is a non-GAAP
financial measure, as operating income (loss) before depreciation and
amortization (including impairments), excluding share-based compensation
expense and restructuring charges or credits. Because it is based
upon operating income (loss), AOCF also excludes interest expense
(including cash interest expense) and other non-operating income and
expense items. We believe that the exclusion of share-based
compensation expense allows investors to better track the performance of
the various operating units of our business without regard to expense
associated with awards of restricted shares, restricted stock units and
stock options that are not expected to be made in cash.
We present AOCF as a measure of our ability to service our debt and
make continuing investments, including in our capital infrastructure.
We believe AOCF is an appropriate measure for evaluating the
operating performance of our business segments and the company on a
consolidated basis. AOCF and similar measures with similar titles
are common performance measures used by investors, analysts and peers to
compare performance in our industry. Internally, we use net
revenues and AOCF measures as the most important indicators of our
business performance, and evaluate management's effectiveness with
specific reference to these indicators. AOCF should be viewed as
a supplement to and not a substitute for operating income (loss), net
income (loss), cash flows from operating activities, and other measures
of performance and/or liquidity presented in accordance with U.S.
generally accepted accounting principles ("GAAP"). Since
AOCF is not a measure of performance calculated in accordance with GAAP,
this measure may not be comparable to similar measures with similar
titles used by other companies. For a reconciliation of AOCF to
operating income (loss), please see page 6 of this release.
We define Consolidated Free Cash Flow from Continuing Operations
("Free Cash Flow"), which is a non-GAAP financial measure, as net cash
from operating activities (continuing operations) plus any excess tax
benefit related to share-based awards less capital expenditures
(continuing operations), all of which are reported in our Consolidated
Statement of Cash Flows. Net cash from operating activities
excludes net cash from operating activities of our discontinued
operations. We believe the most comparable GAAP financial measure
of our liquidity is net cash from operating activities. We
believe that Free Cash Flow is useful as an indicator of our overall
liquidity, as the amount of Free Cash Flow generated in any period is
representative of cash that is available for debt repayment and other
discretionary and non-discretionary cash uses. It is also one of
several indicators of our ability to make investments and/or return
capital to our shareholders. We also believe that Free Cash Flow
is one of several benchmarks used by analysts and investors who follow
our industry for comparison of our liquidity with other companies in our
industry, although our measure of Free Cash Flow may not be directly
comparable to similar measures reported by other companies.
ABOUT CABLEVISION
Cablevision Systems Corporation (NYSE: CVC) is a leading media and
telecommunications company, serving millions of households and
businesses throughout the greater New York area. Providing quality
products that keep customers connected, Cablevision offers
Optimum-branded digital cable television, high-speed Internet and voice
services as well as Optimum WiFi, the nation's most robust WiFi network.
Cablevision's Lightpath subsidiary is a premier provider of integrated
business communications solutions for larger companies. Through its
local media and programming properties - News 12 Networks and Newsday
Media Group - Cablevision also delivers news and information created
specifically for the communities it serves. Additional information about
Cablevision is available at www.cablevision.com.
This earnings release may contain statements that constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned
that any such forward-looking statements are not guarantees of future
performance or results and involve risks and uncertainties, and that
actual results or developments may differ materially from those in the
forward-looking statements as a result of various factors, including
financial community and rating agency perceptions of the company and its
business, operations, financial condition and the industries in which it
operates and the factors described in the company's filings with the
Securities and Exchange Commission, including the sections entitled
"Risk Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" contained therein. The
company disclaims any obligation to update any forward-looking
statements contained herein.
Cablevision's website: www.cablevision.com
The conference call will be webcast live today at 10:00 a.m. ET
Conference call dial-in number is (888) 694-4641 / Conference ID
Number 64694958 / Conference call replay number (855) 859-2056 /
Conference ID Number 64694958 until August 14, 2015.
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CABLEVISION SYSTEMS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues, net
|
|
$
|
1,653,393
|
|
|
$
|
1,628,137
|
|
|
$
|
3,268,164
|
|
|
$
|
3,203,723
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technical and operating
|
|
805,596
|
|
|
788,317
|
|
|
1,601,484
|
|
|
1,561,300
|
|
|
Selling, general and administrative
|
|
389,408
|
|
|
363,187
|
|
|
766,172
|
|
|
743,407
|
|
|
Restructuring expense (credits)
|
|
(4
|
)
|
|
(348
|
)
|
|
(536
|
)
|
|
667
|
|
|
Depreciation and amortization (including impairments)
|
|
213,929
|
|
|
221,088
|
|
|
432,829
|
|
|
435,373
|
|
|
Operating income
|
|
244,464
|
|
|
255,893
|
|
|
468,215
|
|
|
462,976
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
(145,876
|
)
|
|
(143,135
|
)
|
|
(290,888
|
)
|
|
(284,017
|
)
|
|
Gain on investments, net
|
|
78,818
|
|
|
78,612
|
|
|
45,747
|
|
|
36,837
|
|
|
Gain (loss) on equity derivative contracts, net
|
|
(22,693
|
)
|
|
(32,613
|
)
|
|
23,473
|
|
|
6,036
|
|
|
Loss on extinguishment of debt and write-off of deferred financing
costs
|
|
(1,735
|
)
|
|
(7,687
|
)
|
|
(1,735
|
)
|
|
(8,298
|
)
|
|
Miscellaneous, net
|
|
1,307
|
|
|
1,806
|
|
|
2,314
|
|
|
2,537
|
|
|
Income from continuing operations before income taxes
|
|
154,285
|
|
|
152,876
|
|
|
247,126
|
|
|
216,071
|
|
|
Income tax expense (a)
|
|
(78,609
|
)
|
|
(61,848
|
)
|
|
(116,549
|
)
|
|
(34,909
|
)
|
|
Income from continuing operations, net of income taxes
|
|
75,676
|
|
|
91,028
|
|
|
130,577
|
|
|
181,162
|
|
|
Income (loss) from discontinued operations, net of income taxes (b)
|
|
-
|
|
|
3,510
|
|
|
(10,502
|
)
|
|
3,076
|
|
|
Net income
|
|
75,676
|
|
|
94,538
|
|
|
120,075
|
|
|
184,238
|
|
|
Net loss (income) attributable to noncontrolling interests
|
|
(81
|
)
|
|
(328
|
)
|
|
153
|
|
|
(265
|
)
|
|
Net income attributable to Cablevision Systems Corporation
stockholders
|
|
$
|
75,595
|
|
|
$
|
94,210
|
|
|
$
|
120,228
|
|
|
$
|
183,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per share attributable to Cablevision Systems
Corporation stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of income taxes
|
|
$
|
0.28
|
|
|
$
|
0.34
|
|
|
$
|
0.49
|
|
|
$
|
0.69
|
|
|
Income (loss) from discontinued operations, net of income taxes
|
|
$
|
-
|
|
|
$
|
0.01
|
|
|
$
|
(0.04
|
)
|
|
$
|
0.01
|
|
|
Net income
|
|
$
|
0.28
|
|
|
$
|
0.36
|
|
|
$
|
0.45
|
|
|
$
|
0.70
|
|
|
Basic weighted average common shares (in thousands)
|
|
269,301
|
|
|
263,730
|
|
|
268,614
|
|
|
263,033
|
|
|
Diluted income (loss) per share attributable to Cablevision
Systems Corporation stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of income taxes
|
|
$
|
0.27
|
|
|
$
|
0.34
|
|
|
$
|
0.48
|
|
|
$
|
0.67
|
|
|
Income (loss) from discontinued operations, net of income taxes
|
|
$
|
-
|
|
|
$
|
0.01
|
|
|
$
|
(0.04
|
)
|
|
$
|
0.01
|
|
|
Net income
|
|
$
|
0.27
|
|
|
$
|
0.35
|
|
|
$
|
0.44
|
|
|
$
|
0.68
|
|
|
Diluted weighted average common shares (in thousands)
|
|
275,228
|
|
|
269,260
|
|
|
274,802
|
|
|
268,729
|
|
|
Amounts attributable to Cablevision Systems Corporation
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of income taxes
|
|
$
|
75,595
|
|
|
$
|
90,700
|
|
|
$
|
130,730
|
|
|
$
|
180,897
|
|
|
Income (loss) from discontinued operations, net of income taxes
|
|
-
|
|
|
3,510
|
|
|
(10,502
|
)
|
|
3,076
|
|
|
Net income
|
|
$
|
75,595
|
|
|
$
|
94,210
|
|
|
$
|
120,228
|
|
|
$
|
183,973
|
|
|
Cash dividends declared per share of common stock
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
(a)
|
|
Income tax expense for the six months ended June 30, 2014 includes a
tax benefit of $53,132 resulting from the reversal of an uncertain
tax position liability.
|
|
(b)
|
|
The Company recorded an expense of $10,502, net of income taxes,
during the three months ended March 31, 2015,with respect to the
decision in a case relating to Rainbow Media Holdings LLC, a
business whose operations were previously discontinued.
|
|
|
|
CABLEVISION SYSTEMS CORPORATION
|
|
RECONCILIATION OF OPERATING INCOME TO ADJUSTED OPERATING CASH
FLOW AND
|
|
CONSOLIDATED FREE CASH FLOW FROM CONTINUING OPERATIONS
|
|
(Dollars in thousands)
|
|
(Unaudited)
|
|
|
|
|
RECONCILIATION OF OPERATING INCOME TO
ADJUSTED OPERATING CASH FLOW(a)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
$
|
244,464
|
|
|
$
|
255,893
|
|
|
$
|
468,215
|
|
|
$
|
462,976
|
|
|
Share-based compensation
|
|
|
15,939
|
|
|
|
10,695
|
|
|
|
27,850
|
|
|
|
22,601
|
|
|
Restructuring expense (credits)
|
|
|
(4
|
)
|
|
|
(348
|
)
|
|
|
(536
|
)
|
|
|
667
|
|
|
Depreciation and amortization
|
|
|
213,929
|
|
|
|
221,088
|
|
|
|
432,829
|
|
|
|
435,373
|
|
|
Adjusted operating cash flow
|
|
$
|
474,328
|
|
|
$
|
487,328
|
|
|
$
|
928,358
|
|
|
$
|
921,617
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED FREE CASH FLOW FROM
CONTINUING OPERATIONS(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities(b)
|
|
|
$
|
584,235
|
|
$
|
707,478
|
|
Add: excess tax benefits related to share-based awards
|
|
|
|
4,323
|
|
|
746
|
|
Less: capital expenditures(c)
|
|
|
|
(381,305)
|
|
|
(425,193)
|
|
Consolidated free cash flow from continuing operations
|
|
|
$
|
207,253
|
|
$
|
283,031
|
|
(a)
|
|
See Non-GAAP Financial Measures on page 3 of this release for a
definition and discussion of AOCF and Free Cash Flow from Continuing
Operations.
|
|
(b)
|
|
The level of net cash provided by operating activities will continue
to depend on a number of variables in addition to our operating
performance, including the amount and timing of our interest
payments and other working capital items.
|
|
(c)
|
|
See page 11 of this release for additional details relating to
capital expenditures.
|
|
|
|
|
|
CABLEVISION SYSTEMS CORPORATION
|
|
CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS
|
|
(Dollars in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
REVENUES, NET
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
%
|
|
|
|
2015
|
|
|
2014
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
Cable
|
|
$
|
1,481,144
|
|
|
$
|
1,454,911
|
|
|
1.8
|
%
|
|
Lightpath
|
|
91,040
|
|
|
88,030
|
|
|
3.4
|
%
|
|
Other(a)
|
|
91,311
|
|
|
94,868
|
|
|
(3.7)
|
%
|
|
Eliminations(b)
|
|
(10,102
|
)
|
|
(9,672
|
)
|
|
(4.4)
|
%
|
|
Total Cablevision
|
|
$
|
1,653,393
|
|
|
$
|
1,628,137
|
|
|
1.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
%
|
|
|
|
2015
|
|
|
2014
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
Cable
|
|
$
|
2,932,682
|
|
|
$
|
2,872,059
|
|
|
2.1
|
%
|
|
Lightpath
|
|
182,164
|
|
|
174,784
|
|
|
4.2
|
%
|
|
Other(a)
|
|
173,091
|
|
|
176,350
|
|
|
(1.8)
|
%
|
|
Eliminations(b)
|
|
(19,773
|
)
|
|
(19,470
|
)
|
|
(1.6)
|
%
|
|
Total Cablevision
|
|
$
|
3,268,164
|
|
|
$
|
3,203,723
|
|
|
2.0
|
%
|
|
(a)
|
|
Represents revenues of Newsday, News 12 Networks, Cablevision Media
Sales Corporation and certain other entities.
|
|
(b)
|
|
Represents inter-segment revenues.
|
|
|
|
CABLEVISION SYSTEMS CORPORATION
|
|
CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS
|
|
(Dollars in thousands)
|
|
(Unaudited)
|
|
|
|
ADJUSTED OPERATING CASH FLOW AND
OPERATING INCOME (LOSS)
|
|
|
|
|
|
Adjusted Operating
Cash Flow
|
|
|
|
|
Operating Income (Loss)
|
|
|
|
|
|
Three Months Ended June 30,
|
|
%
|
|
|
Three Months Ended June 30,
|
|
%
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
|
2015
|
|
2014
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable
|
|
$
|
462,697
|
|
|
$
|
478,875
|
|
|
(3.4)
|
%
|
|
|
$
|
268,609
|
|
|
$
|
280,848
|
|
|
(4.4)
|
%
|
|
Lightpath
|
|
43,762
|
|
|
39,262
|
|
|
11.5
|
%
|
|
|
20,333
|
|
|
17,019
|
|
|
19.5
|
%
|
|
Other(a)
|
|
(32,131
|
)
|
|
(30,809
|
)
|
|
(4.3)
|
%
|
|
|
(44,478
|
)
|
|
(41,974
|
)
|
|
(6.0)
|
%
|
|
Total Cablevision
|
|
$
|
474,328
|
|
|
$
|
487,328
|
|
|
(2.7)
|
%
|
|
|
$
|
244,464
|
|
|
$
|
255,893
|
|
|
(4.5)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Cash Flow
|
|
|
|
|
Operating Income (Loss)
|
|
|
|
|
|
Six Months Ended June 30,
|
|
%
|
|
|
Six Months Ended June 30,
|
|
%
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
|
2015
|
|
2014
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable
|
|
$
|
909,252
|
|
|
$
|
921,907
|
|
|
(1.4)
|
%
|
|
|
|
520,708
|
|
|
|
530,469
|
|
|
(1.8)
|
%
|
|
Lightpath
|
|
87,157
|
|
|
77,745
|
|
|
12.1
|
%
|
|
|
|
39,608
|
|
|
|
34,483
|
|
|
14.9
|
%
|
|
Other(a)
|
|
(68,051
|
)
|
|
(78,035
|
)
|
|
12.8
|
%
|
|
|
|
(92,101
|
)
|
|
|
(101,976
|
)
|
|
9.7
|
%
|
|
Total Cablevision
|
|
$
|
928,358
|
|
|
$
|
921,617
|
|
|
0.7
|
%
|
|
|
|
468,215
|
|
|
|
462,976
|
|
|
1.1
|
%
|
|
(a)
|
|
Includes unallocated corporate general and administrative costs and
the operating results of Newsday, News 12 Networks, Cablevision
Media Sales Corporation, and certain other entities.
|
|
|
|
CABLEVISION SYSTEMS CORPORATION
SUMMARY OF CABLE OPERATING STATISTICS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
CABLE
|
|
June 30,
2015
|
|
March 31,
2015
|
|
June 30,
2014
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
Total Customers(a)
|
|
3,117
|
|
3,112
|
|
3,165
|
|
Video Customers
|
|
2,637
|
|
2,653
|
|
2,771
|
|
High-Speed Data Customers
|
|
2,781
|
|
2,767
|
|
2,779
|
|
Voice Customers
|
|
2,208
|
|
2,215
|
|
2,273
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Serviceable Passings (in thousands)(b)
|
|
5,067
|
|
5,055
|
|
5,052
|
|
|
|
|
|
|
|
|
|
Penetration
|
|
|
|
|
|
|
|
Total Customers to Serviceable Passings
|
|
61.5%
|
|
61.6%
|
|
62.7%
|
|
Video Customers to Serviceable Passings
|
|
52.0%
|
|
52.5%
|
|
54.8%
|
|
High-Speed Data Customers to Serviceable Passings
|
|
54.9%
|
|
54.7%
|
|
55.0%
|
|
Voice Customers to Serviceable Passings
|
|
43.6%
|
|
43.8%
|
|
45.0%
|
|
|
|
|
|
|
|
|
|
|
|
Revenues for the three months ended
(dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Video(c)
|
|
$
|
813
|
|
$
|
801
|
|
$
|
806
|
|
High-Speed Data
|
|
370
|
|
363
|
|
354
|
|
Voice
|
|
232
|
|
232
|
|
227
|
|
Advertising
|
|
36
|
|
31
|
|
41
|
|
Other(d)
|
|
30
|
|
25
|
|
27
|
|
Total Cable Revenue
|
|
$
|
1,481
|
|
$
|
1,452
|
|
$
|
1,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Monthly Cable Revenue per Customer ("RPC")(e)
|
|
$
|
158.52
|
|
$
|
155.34
|
|
$
|
152.72
|
|
(a)
|
|
Represents the number of households/businesses that receive at least
one of the Company's services.
|
|
(b)
|
|
Includes residential passings, as well as commercial establishments
that have connected to our cable distribution network.
|
|
(c)
|
|
Includes equipment rental, DVR, franchise fees, video-on-demand and
pay-per-view revenue.
|
|
(d)
|
|
Includes installation revenue, advertising sales commissions, home
shopping and other product offerings.
|
|
(e)
|
|
RPC is calculated by dividing average monthly Cable GAAP revenue for
the quarter by the average number of total customers for the quarter.
|
|
|
|
CABLEVISION SYSTEMS CORPORATION
|
|
CAPITALIZATION AND LEVERAGE
|
|
(Dollars in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
CAPITALIZATION
|
|
|
|
|
|
|
|
|
|
June 30, 2015
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
796,565
|
|
|
|
|
|
Credit facility debt
|
|
$
|
2,551,429
|
|
Senior notes and debentures
|
|
5,858,204
|
|
Collateralized indebtedness
|
|
1,127,541
|
|
Capital lease obligations and notes payable
|
|
68,348
|
|
Debt
|
|
$
|
9,605,522
|
|
|
|
|
|
|
LEVERAGE
|
|
|
|
|
|
|
|
|
|
Debt
|
|
$
|
9,605,522
|
|
Less: Collateralized indebtedness of unrestricted subsidiaries(a)
|
|
1,127,541
|
|
Cash and cash equivalents
|
|
796,565
|
|
Net debt
|
|
$
|
7,681,416
|
|
|
|
|
|
|
|
Leverage Ratios(b)
|
|
Consolidated net debt to AOCF leverage ratio(a)(c)
|
|
4.1x
|
|
Restricted Group leverage ratio (Credit Facility Test)(d)(e)
|
|
2.7x
|
|
CSC Holdings notes and debentures leverage ratio(e)(f)
|
|
3.0x
|
|
Cablevision senior notes leverage ratio(e)(g)
|
|
4.8x
|
|
(a)
|
|
Collateralized indebtedness is excluded from the leverage
calculation because it is viewed as a forward sale of the stock of
an unaffiliated company and the Company's only obligation at
maturity is to deliver, at its option, the stock or its cash
equivalent.
|
|
(b)
|
|
Leverage ratios are based on face amount of outstanding debt.
|
|
(c)
|
|
AOCF is annualized based on the second quarter 2015 results, as
reported.
|
|
(d)
|
|
Reflects the net debt to cash flow ratio as defined in the CSC
Holdings' credit facility debt agreement (which excludes
approximately $2.8 billion of Cablevision's senior notes and the
debt and cash flows related to CSC Holdings' unrestricted
subsidiaries). The annualized AOCF (as defined) used in the
Restricted Group leverage ratio was $1.933 billion.
|
|
(e)
|
|
Includes CSC Holdings' guarantee of Newsday LLC's $480 million
senior secured credit facility.
|
|
(f)
|
|
Reflects the debt to cash flow ratio applicable under CSC Holdings'
senior notes and debentures indentures (which excludes approximately
$2.8 billion of Cablevision's senior notes and the debt and cash
flows related to CSC Holdings' unrestricted subsidiaries). The
annualized AOCF (as defined) used in the CSC Holdings notes and
debentures leverage ratio was $1.931 billion.
|
|
(g)
|
|
Adjusts the debt to cash flow ratio as calculated under the CSC
Holdings notes and debentures leverage ratio to include
approximately $2.8 billion of Cablevision's senior notes plus $611
million of Cablevision's senior notes that were contributed to
Newsday Holdings LLC.
|
|
|
|
CABLEVISION SYSTEMS CORPORATION
CAPITAL EXPENDITURES
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer premise equipment
|
|
$
|
60,215
|
|
|
$
|
68,191
|
|
Scalable infrastructure
|
|
61,581
|
|
|
72,030
|
|
Line extensions
|
|
6,244
|
|
|
7,428
|
|
Upgrade/rebuild
|
|
18,859
|
|
|
11,772
|
|
Support
|
|
39,098
|
|
|
47,834
|
|
Cable
|
|
185,997
|
|
|
207,255
|
|
Lightpath
|
|
23,062
|
|
|
26,097
|
|
Other(a)
|
|
5,615
|
|
|
5,766
|
|
Total Cablevision
|
|
$
|
214,674
|
|
|
$
|
239,118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer premise equipment
|
|
$
|
102,808
|
|
|
$
|
124,995
|
|
Scalable infrastructure
|
|
101,564
|
|
|
118,859
|
|
Line extensions
|
|
12,725
|
|
|
8,664
|
|
Upgrade/rebuild
|
|
31,000
|
|
|
19,391
|
|
Support
|
|
71,471
|
|
|
80,671
|
|
Cable
|
|
319,568
|
|
|
352,580
|
|
Lightpath
|
|
46,794
|
|
|
52,967
|
|
Other(a)
|
|
14,943
|
|
|
19,646
|
|
Total Cablevision
|
|
$
|
381,305
|
|
|
$
|
425,193
|
|
(a)
|
|
Other primarily includes Newsday, News 12 Networks, Cablevision
Media Sales Corporation and Corporate.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150807005302/en/
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